by Mike Sharkey
Staff Writer
Trip Stanly had a good job, working for a company he called “one of the best in Jacksonville” with “great” people and “great leadership.”
Earlier this month, Stanly thanked CSX for their time and went to Europe for two weeks. When he got back, he was at the bottom of the totem pole, only this time the totem pole is a one-man company called Blackwater Capital, LLC. He’s the owner, receptionist, bookkeeper and janitor all rolled into one. His office is at home – and wherever he and his laptop are.
“CSX is a great company, one of the best in Jacksonville. They are great people with great leadership. It’s a tough business, but a great company,” said Stanly. “But, the call was too loud and at 36 years old, if I don’t do this now, I never will.
“I had to listen to my heart.”
While at CSX, Stanly was what he called a manager of leased assets. As such, he oversaw the 110 offices CSX has scattered across the country. Those offices, he said, ranged from Class A space in Atlanta to tiny offices in Palatka. When he left CSX, Stanly had moved into the role of director of corridor development, a job that entailed seeking revenue opportunities by leasing CSX-owned right-of-way space. With over 24,000 miles of track, CSX owns plenty of land for fiber-optic cable, pipes, cellular phone wires and billboards.
“Some of those right-of-ways are 30 feet wide, some are 300 feet wide,” said Stanly.
In Blackwater Capital, Stanly has formed a company that he hopes combines his years at CSX with the three he spent with Regency Centers in leasing and investment sales and his overall knowledge of the local commercial property market.
“What I am attempting to do is build a personal portfolio in commercial assets,” said Stanly. “I am not a developer. I am not getting into that. I am not looking at land. I am looking for commercial assets that include office buildings, retail shopping centers and I already own a small apartment building.
“I am starting small — Class C and D. Over time, I want to turn 10 into 100 and 100 into 1,000. Right now, I am on Day 3 (as of Tuesday) and after 30 days I may realize this may not work out. I have given myself two years to make it happen. The biggest challenge is overcoming the fear of failure.”
Stanly has two small boys, ages 5 and 3, and stressed the decision to go out on his own wouldn’t have been feasible without the blessing of his wife.
“The kids will have nice summer jobs one day as property managers,” he said.
Stanly said a typical day includes looking at properties in the morning, talking to brokers, underwriting and assessing opportunities.
“There’s nothing sexy about the (business) model right now. But, you have to start somewhere,” said Stanly, adding his territory currently includes everything from Savannah to Tallahassee to Daytona.
“Those areas are within reach. I have been in the market a long time, so I know those markets. Our families are in western North Carolina, in the Asheville area, so that’s also a target market. Over time, it will grow in concentric circles.”